环境表现对重污染企业融资成本的影响研究
Research on the Impact of Environmental Performance on Financing Cost of Heavy Polluting Enterprises

企业履行环保职责是保障国家高质量发展战略实施的重要一环，然而当前我国重污染企业的环境表现仍然差强人意。绿色信贷政策背景下，如何引导重污染企业注重自身环境表现，降低融资成本，以维系其顺利运转及发展壮大，已成为亟待解决的问题。本文实证分析了2013~2018年我国重污染行业上市公司环境表现对其融资成本的具体影响。结论如下：其一，企业环境表现对其债务融资成本有显著负向影响，对其股权融资成本影响不显著。其二，企业环境表现对其股权融资成本存在“倒U”型影响；非国有企业的环境表现与其债务融资成本显著负相关，而国有企业环境表现则对其债务融资成本有“倒U”型影响。非国有企业和国有企业环境表现对其股权融资成本均有“倒U”型影响，但相比国有企业而言，非国有企业股权融资成本对环境表现的敏感度更高。
The performance of enterprises in environmental protection is an important part of the imple-mentation of the high-quality development strategy. However, the environmental performance of China’s heavy polluting enterprises is still unsatisfactory. How to guide heavy polluting enterprises to pay attention to their own environmental performance so as to reduce financing cost to support and maintain the smooth operation and development of enterprises under the background of green-credit policy, has become an urgent problem to be solved. This study selected 605 heavy polluting listed companies from 2013 to 2018 as a sample. Several empirical conclusions were drawn. First, corporate environmental performance has a significantly negative impact on its debt financing cost, but insignificant on its equity financing cost. Second, the company’s environmental performance has an inverted “U” effect on equity financing cost. The environmental performance score of non-state-owned enterprises has a significantly negative correlation with their debt fi-nancing cost, while the environmental performance of state-owned enterprises has a “inverted U” effect on their debt financing cost. The environmental performance of non-state-owned enterprises and state-owned enterprises has a U-shaped effect on their equity financing cost, but compared to state-owned enterprises, non-state-owned enterprises’ equity financing cost is more sensitive to environmental performance.